Several seemingly ambitious plans by small companies to build crypto treasuries have raised eyebrows, prompting experts to suspect they are potential pump-and-dump schemes. Some of these companies boast market caps that are dwarfed by their announced treasury investments, leading to doubts about their legitimacy. Analysts point to the lack of substantial financial backing and a history of insider-driven trading as key factors in their suspicion. For instance, Trident Digital Tech, a Singapore-based company with a market cap of just $16 million, has recently promised a $500 million XRP investment despite having shares trading at under $0.40 on the Nasdaq. Similar plans have been raised by other firms like Addentax Group and DeFi Development Corp., which are both seen as potential candidates for insider-driven schemes that inflate stock prices before selling off shares, leading to market crashes. Matthew Sigel, Head of Digital Assets at VanEck, believes these treasury announcements are suspicious and may be attempts to artificially pump up stock prices for profit. He suggests these companies have little financial backing to support such large investments and their claims are likely driven by insiders seeking quick gains.